The Implementation of China Peaceful Rise in The IMF Reform

Mahfudz Ibnu Romadhon, Moch. Yunus

2018

Abstract

China’s Peaceful Rise is a policy orientation established back in the Hu Jintao administration in 2003. This concept was created to gain interest through peaceful and non-confrontational means. The IMF's reform is one of the major agendas in IMF, containing the IMF's attempt to reform itself in two rounds: a major reform of the quotas by changing the composition of the quotas themselves and the voting rights of its members, and by changing the position of the government structures within the IMF itself. On October 14th 2014, the IMF Reform faced a problem in the United States. The USA, the only country that has the veto ability, blocked the outcome of the IMF Reform. Because of this rejection, European constituents put forward a confrontational effort by not involving the USA in the reforms. Regarding this background, this research study has tried to explain the application of CPR in the IMF Reform. From the research results, it was found that the application of CPR in the IMF Reform was done by overcoming the US allegations against its currency manipulation policy (RMB) and gaining a legitimate role in the context of the IMF Reform. In addressing the allegations of RMB manipulation, China demonstrated a commitment to the IMF Reform by signalling China's expenditures in the IMF Reform and showing there to have been direct monitoring of the IMF on RMB through multilateral surveillance and SDR monitoring. Second, China gained legitimacy concerning its demands by utilising G-20, BRICS and its executive directors who served as voices, suppressors and framers of the IMF Reform. In addition, China also visited the United States as part of an agreement to ratify the IMF reforms.

Paper Citation

in Harvard Style

Romadhon M. and Moch. Yunus. (2018). The Implementation of China Peaceful Rise in The IMF Reform.In Proceedings of the 4th International Conference on Contemporary Social and Political Affairs - Volume 1: ICoCSPA, ISBN 978-989-758-393-3, pages 313-319. DOI: 10.5220/0008820903130319

in Bibtex Style

@conference{icocspa18,
author={Mahfudz Ibnu Romadhon and Moch. Yunus},
title={The Implementation of China Peaceful Rise in The IMF Reform},
booktitle={Proceedings of the 4th International Conference on Contemporary Social and Political Affairs - Volume 1: ICoCSPA,},
year={2018},
pages={313-319},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0008820903130319},
isbn={978-989-758-393-3},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 4th International Conference on Contemporary Social and Political Affairs - Volume 1: ICoCSPA,
TI - The Implementation of China Peaceful Rise in The IMF Reform
SN - 978-989-758-393-3
AU - Romadhon M.
AU - Moch. Yunus.
PY - 2018
SP - 313
EP - 319
DO - 10.5220/0008820903130319